Net profit for the first half of 2018 was AED 81 million

MEDIA IN, Sharjah, July 22, 2018 (WAM)
United Arab Bank reported a net profit of AED 81 million for the first six months ended June 30, 2018, up 46 per cent compared to the first half of last year, mainly on the growth of core revenues and lower provisions for credit losses after the adoption of a low risk business model.
During the same period, the bank recorded a total income of AED 341 million, with an increase in core business revenues of 5% over the first half of 2017.
The provision for credit losses during this period amounted to AED 93 million, 20 percent lower than the same period of 2017 due to the concentrated reduction of high risk assets. Non-core non-core portfolios now account for less than 2 percent of the total loan base.
Chairman of United Arab Bank, Sheikh Faisal bin Sultan bin Salem Al Qasimi, said that the bank has consolidated its profits in the first half of 2018 in an increasingly competitive environment while maintaining a strong budget and solid capital status.
He pointed out that these results come against the backdrop of successful operational performance attributable to the growing volume of core business and support from disciplined risk management.